I realize this is an old question, but no, FTF on events is ridiculous.
Being first to fond on a hidden object can be difficult. There's no geotrail, there's no sign that people have stood on a particular patch of leaves or grass, and there is no reassurance that other people before you have located it. Normally it's a little exciting for me if I'm first, so there's a little bit of a rush to it as well.
But what on earth is the challenge that is overcome to log "first to find" at an event? First person to find the restaurant, which existed well before the event? First person to sign the log when the event host finally remembers to put out a piece of paper? First person to ignore the others at the event and log a find on their phone rather than socialize, which is the entire point of the event? First person to inexplicably show up two hours before the event starts and then just hang out among a bunch of empty tables?
No, thank you. FTF on events sounds desperate and sad.